Independent Bank Corp Reports $51.3 Million Q2 Net Income

By Tamara Parker • Friday, July 19 06:04 • Permanent Link

Independent Bank Corp. (NASDAQ: INDB) has reported a net income of $51.3 million for the second quarter of 2024, or $1.21 per diluted share, compared to the first quarter net income of $47.8 million, or $1.12 per diluted share.

The return on average assets for the second quarter of 2024 was 1.07%, an increase from 1.00% in the prior quarter, while the return on average common equity rose to 7.10% from 6.63% for the same period.

Total assets increased to $19.4 billion at June 30, 2024, up $86.4 million, or 0.4%, from the prior quarter. Total loans at June 30, 2024, stood at $14.4 billion, a $70.3 million increase from the prior quarter. Deposit balances rose to $15.4 billion, representing a growth of $366.4 million, or 2.4%, from March 31, 2024.

Net interest income for the second quarter of 2024 slightly increased to $137.9 million from $137.4 million for the prior quarter. The net interest margin of 3.25% increased by 2 basis points compared to the prior quarter.

Noninterest income of $32.3 million for the second quarter of 2024 represented an increase of $2.4 million, or 8.0%, from the prior quarter. Noninterest expense of $99.6 million for the second quarter of 2024 represented a decrease of $273,000, or 0.3%, from the prior quarter.

The second quarter provision for credit losses was $4.3 million, down from $5.0 million for the first quarter of 2024. Net charge-offs remained minimal at $339,000 for the second quarter of 2024, compared to $274,000 for the prior quarter.

The company's tax rate for the second quarter of 2024 decreased to 22.69%, compared to 23.56% for the prior quarter.

Independent Bank Corp.'s stockholders' equity at June 30, 2024, increased $35.0 million, or 1.2%, compared to March 31, 2024. The company's ratio of common equity to assets of 15.04% at June 30, 2024, represented an increase of 12 basis points from March 31, 2024, and an increase of 32 basis points from June 30, 2023. The company’s book value per share increased by $0.80, or 1.2%, to $68.74 at June 30, 2024, as compared to the prior quarter.

The company’s tangible book value per share at June 30, 2024, rose by $0.85, or 1.9%, from the prior quarter to $45.19 and has grown by 7.9% from the year-ago period.

The market has reacted to these announcements by moving the company's shares -2.4% to a price of $56.62. For more information, read the company's full 8-K submission here.

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